How to create a money pool

Black and white image of 3 friends hiking

There’s nothing new about group money collections, otherwise known as “money pools”. Whether it’s a group of friends chipping in for a birthday present, a charity collection or a fundraiser, I’m sure at one point you’ve been asked to contribute to a money pool.

The chances are, you either contributed in cash or via bank transfer and it probably wasn’t the smoothest process. You might have had to go to the cash point to get the correct cash or mess around with exchanging bank account details. And if you’ve been on the other side trying to collect the cash? Well, the chasing and organisation can be a real headache.

Collecting online as a group

In recent years, the rise of financial technology has meant that creating a money pool has become a much simpler task. Platforms like Collection Pot, or the former PayPal Money Pool are some of the most popular ways to collect money in a money pool. .

If you’re wondering how to create a money pool on PayPal, unfortunately PayPal discontinued its service. But lucky for you, Collection is one of the best ways to collect money as a group in 2022. 

Collecting money as a group using Collection Pot

Within just a couple of years, our community has created over 100k pots using Collection Pot. That’s thousands of people celebrated at key milestones like weddings, birthdays and retirements. 

Collection Pot is the easiest way to collect for a group gift. Simply set up a personalised Collection Pot for free and share a link to get collecting. Once the pot closes, the pot receiver can view the well-wishes sent on their Collection Pot page and choose how they want to spend their pot, whether that be a direct bank transfer, a charity donation of their choice or by choosing for over 70 highstreet retailers. No more shared bank details or brown envelopes!